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The following information is available on a depreciable asset owned by Mutual Savings Bank:
Purchase date
July 1, Year 1 Purchase price $95,500
Salvage value$11,800
Useful life9 years
Depreciation methodstraight-line
Problem 1: The asset's book value is $76,900 on July 1, Year 3. On that date, management determines that the asset's salvage value should be $6,800 rather than the original estimate of $11,800. Based on this information, the amount of depreciation expense the company should recognize during the last six months of Year 3 would be
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